Dogecoin (DOGE), the popular and world’s largest meme coin, appears more optimistic in this highly anticipated altcoin season. Experts and analysts believe this bull run will begin following the inauguration of Donald Trump’s government, which is scheduled for January 20, 2025.
Crypto Whales Buy 1 Billion DOGE
In this highly anticipated bull run, long-term holders, whales, and retailers appear to be strongly accumulating the DOGE meme coin, as a crypto expert on X (formerly Twitter) revealed. On January 7, 2024, the expert stressed that whales have added a significant 1 billion DOGE in the past seven days.
This substantial accumulation in such a short time frame can create more buying pressure and lead to a further upside rally, as observed in the DOGE price. According to CoinMarketCap data, during the same period of accumulation, the meme coin has witnessed a price gain of over 27%.
DOGE Price Momentum
At press time, DOGE is trading near $0.39 and has experienced a price gain of over 2.50% in the past 24 hours. However, during the same period, investors and traders have also increased their participation, resulting in a 12% rise in trading volume.
Besides DOGE, the market sentiment appears to be bullish, as major assets, including Bitcoin (BTC) and Ethereum (ETH), have shown a strong rally, which could help the meme coin continue its rally.
Bullish On-Chain Metrics
This bullish market sentiment across the crypto market has attracted intraday traders, as reported by the on-chain analytics firm Coinglass.
Traders’ Rising Interest
Currently, DOGE open interest (OI) has jumped by 40%, indicating that traders have increased their open positions by 40%, which is considered a positive sign in this bull run.
Meanwhile, some long-term holders appear to be dumping their holdings as sentiment shifts. Data from spot inflow/outflow reveals that exchanges have witnessed an inflow of over $18 million worth of DOGE.
In the cryptocurrency landscape, inflow refers to the movement of assets from long-term holders’ wallets to exchanges, which has the potential to create selling pressure and a price decline. However, as the accumulation is significantly higher, it may not lead to a price decline.
DOGE Technical Analysis and Upcoming Level
According to expert technical analysis, DOGE has been consolidating in a tight range between $0.375 and $0.398 for the past three days.
Based on recent price action, if the meme coin breaks this pattern and closes a daily candle above the $0.40 level, there is a strong possibility DOGE could soar by 44% to reach the $0.57 mark in the future.
As of now, market sentiment is bullish, with whales and traders showing strong interest and confidence in the meme coin. This could help DOGE breach the narrow zone and achieve the predicted target.
